Fieldpoint Petroleum Corporation Reports Positive Third Quarter Results
Net Income Growth Continues
AUSTIN, TX - (BUSINESS WIRE) - November 14, 2006 - FieldPoint Petroleum Corporation (AMEX:FPP) today announced the financial results for its Third Quarter ended September 30, 2006.
Ray D. Reaves, President and CEO of FieldPoint, stated, “We are pleased with our third quarter results and particularly pleased that we have continued to see an improvement in net income. While revenues were only slightly higher than those in the same quarter last year, our net income for the period grew by more than 50%.”
Financial Highlights for the Three Months Ended September 30, 2006 Compared to the Three Months Ended September 30, 2005:
· Total Revenues remain stable at $1,051,097 from $1,025,821.
· Net Income increased 51% to $374,982 from $248,868.
· Earnings per share, fully diluted, increased to $0.04 from $0.03.
The growth in net income is attributed to a decrease in total cost and expenses, and increases in oil and natural gas prices. Oil averaged approximately $68.28 per barrel with gas averaging $6.24 per MCF for the three months ended September 30, 2006, compared to $57.95 per barrel and $5.51 per MCF for the same period in the prior year.
Financial Highlights for the Nine Months Ended September 30, 2006 Compared to the Nine Months Ended September 30, 2005:
· Total Revenues increased 14% to $3,200,086 from $2,807,550.
Income rose 4
· Earnings per share, fully diluted, increased to $0.13 from $0.09.
For the nine month period, the growth in revenue and net income are attributed to increases in oil and natural gas prices, with oil averaging $64.33 per barrel and gas at $6.89 per MCF for the nine months ended September 30, 2006, compared to $50.29 per barrel and $5.10 per MCF for the same period in the prior year.
Mr. Reaves concluded by adding, “These results contribute greatly to the growth we targeted for this year, and are doubly important in the light of our expectation of lower oil prices in the fourth quarter. We are keenly aware of the importance of continuing to build shareholder value and therefore, for the remainder of the year and into 2007, we will increase our focus on adding properties. With our year-to-date results and recently announced credit facility in place, we expect to succeed as we actively pursue growth through acquisition.”
About FieldPoint Petroleum Corp. www.fppcorp.com
FieldPoint Petroleum Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming.
This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company’s periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).
Contact: Ray D. Reaves, President (512)250-8692 or [email protected]